China's 'Silicon Valley' Zhongguancun posts 34% growth in revenue

Major high-tech enterprises in Beijing's Zhongguancun, also dubbed China's "Silicon Valley," recorded a 34 percent year-on-year growth in total revenue in the first five months of 2021, official data showed.

The combined revenue of these enterprises, which mainly refer to those with an annual income of 20 million yuan (about $3.09 million) and above, totaled nearly 2.97 trillion yuan in the January-May period, according to the Beijing Municipal Bureau of Statistics.

The number of research and development (R&D) staff in such enterprises in Zhongguancun reached 695,000 during the same period, up 9.3 percent year-on-year. The total R&D expenditure stood at nearly 134 billion yuan, an increase of 34.7 percent year-on-year.

Established in 1988 in northwestern Beijing, Zhongguancun, with clusters of universities and research institutes, is the first national high-tech industrial development zone.